Dream result for ResMed

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ResMed looks set to power through this financial year after
posting a record second-quarter result thanks to vaulting sales in
the United States.

ResMed, which makes equipment for the treatment of sleep
disorders, reported $103.9 million in net revenue for the quarter
to December 31, an increase of 26 per cent on the previous
corresponding period. Net income was up 27 per cent to $18.3
million.

Chief executive Peter Farrell said ResMed's result was boosted
by the strong debut of its new nasal pillow system, Mirage Swift,
in the US. "We have not seen a product introduction as good as
this," he said.

But he said sales of ResMed's other products were also growing.
Overall sales grew 27 per cent in the US, which represents 50 per
cent of the company's market.

Overall sales for the rest of the world increased by 25 per
cent.

In the second quarter, the restructure of ResMed's German
operations cut almost $1 million from the company's bottom
line.

Dr Farrell said the total charge of the German restructure was
expected to be about $4.5 million and would be reflected in
ResMed's full-year result.

In the first half, ResMed booked revenues of $191.6 million, an
increase of 23 per cent year-on-year.

Net income was $33.4 million, up 25 per cent.

Mirage Swift, which has so far only been marketed in the US,
would also be launched in Europe, Dr Farrell said.

He warned, however, that the European market for nasal prongs
was not as developed the US.

Dr Farrell said ResMed was expected to continue its
"gangbusters" performance.

"We see market growth of around 15 to 20 per cent into the next
18 months," he said.